The Research Of The Innovation On Securities Company Asset Management Business Under The Background Of The New Regulatory Policy In China

Since the indroduction of opening policies in 2012,securities company asset management business in China has been expanding rapidly in its scale and developing speedingly.The channel business generated by the fund of financial institutions,such as bank and insurance company,has accounted for the great majority of asset management business.Furthermore,since the releasing of regulatory orders from China Banking Regulatory Commission(CBRC)in the first half year of 2017,with the purpose to regulate the fund operation of the bank institutions and restrain the channel business,later,China Securities Regulatory Commission(CSRC)announced its intention of giving a complete banning on the channel business,which presents a huge challenge to the securities company asset business management.At present,with the supervision order of the CBRC,the asset management business of the financial industry has been effectively standardized and securities company has suffered a certain impact,business innovation has become a breakthrough for the development of asset management business of the securities company.First of all,this paper has researched the development course of securities company asset management business in China and summarized its development status.It points out that the asset management business in China has been moving forward with the development of the financial market and the change of regulatory policies.Secondly,this paper based on the research into the new regulatory policy in the first half of 2017,this paper has made a detailed analysis of the transmission mechanism and influence of the new policy on the securities company asset management business.As noted in this paper,the new regulatory policy has different transmission mechanisms for the securities company asset management business under different modes.Moreover,the major influence on the securities company asset management business mainly includes the impact on the business scale and the challenge facing the business mode.Besides,this paper has made an in-depth analysis on the strategies for innovating in the securities company asset management business.It has elaborated on the macro-level innovation direction of securities company asset management business from the angle of mode and path.The innovation strategies aimed at the three categories of asset management business,namely collective plan,directional plan and special plan,have been put forward at the micro level.Lastly,besides analyzing the case of innovation product for securities company asset management business,this paper has also conducted the quantitative analysis of the risk of the innovative product.Different risk factors have been also listed according to the order of importance.The relevant methods for risk control have been analyzed.As noted in this paper,the implementation of the new policy will have a negative effect on the current securities company asset management business in the short term.But in the long term,the new policy can play a positive role in regulating the securities company asset management business,leading the securities company back to the original role of business manager and pushing forward the innovation in the asset management product.